Aug 2011

Refinancing in Pennsylvania: Title Insurance and Closing Costs

By Marc Shaw

Unless you have been in a coma over the last several months you understand that mortgage rates are historically low.  We have been hearing the phrase “historically low” for quite sometime, but at this point they are so low how can you say no?  What makes the rates so low is a post for another time…

Many Pennsylvania consumers hesitate to move forward with a new mortgage because they are worried about the overwhelming amount of closings costs.   If you are dealing with a reputable lender and you have a good credit score you should be able to procure a new mortgage with a very low rate with very little fees attached.

When it comes to title insurance in Pennsylvania, A Pennsylvania title insurance agent will give you the best structure in costs as opposed to an out of state title insurance company.

Title Insurance in Pennsylvania is state regulated; hence every PA title company must follow the Title Insurance Rating Bureau of Pennsylvania.  This means no matter what Pennsylvania title company you use, the same exact premium should be charged when comparing one to the other.  The regulated rates include refinance rates which again are legally filed with the state.  And a title company can not charge  search fees in Pennsylvania.  This fee is considered to be covered as part of the premium.

The only fees that may differ in PA, title company to title company are ancillary fees such as; document prep, deed fee, closing and settlement fees, notary fee, courier, wire, postage, etc. etc.   Granted many of them are merely to recoup the actual costs that the PA title company is faced with, but the PA title insurance premium is large enough where they shouldn’t be charged.  If you’re a home buyer/borrower looking for a title company that won’t charge such excess fees, click here to get a title quote.

And be sure to choose a independent title agent with expertise in your town!